accessing global capital markets through london - lseg
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Accessing Global Capital Markets
Through London
LSEG & Israel
April 2018
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London Stock Exchange Group Building stable, trusted markets since 1801
Selected LSEG business lines and areas of focus
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London Stock Exchange Group A global leader
$873 trillion Derivatives cleared by SwapClear
in 2017 to support G20 and global
financial stability
$15 trillion Assets under management using
our benchmarks
$10 trillion Total money raised on London
Stock Exchange in the last
decade
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Private Equity
Venture Capital
Seed Capital
Business
Angels
Friends
Family
Start - Up Early Stage Expansion Consolidation & further
capital raising
Diversification of investors, M&A and
International Expansion
Concept &
seed stage
Fu
nd
ing
re
qu
ire
me
nt
£500k
£1m
£100k
£50k
£150m
£1bn
Strategic consideration
Markets that Support Growth Our Choice of Equity Markets
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London Stock Exchange welcomes
world’s first Komodo (Indonesian rupiah)
corporate bond by Indonesian authorities.
107 IPOs on London
Stock Exchange in 2017
raised a combined £15
billion, nearly 4 times
higher than the next
European competitor.
More Further Offer
(FO) transactions on
LSEG markets than
any other exchange
globally in 2017
£41bn A total £41bn equity capital was raised in
London in 2017 through IPOs and follow on
issuance, 36% higher than in 2016.
London’s IPOs became even more
international in 2017, with 9 of the 10
largest IPOs considered to be
international companies.
107 IPOs
AIB Group First Komodo Bond
9 of top 10 IPOs were international
Recent Highlights & Key Transactions
More closed end
funds, SPACs and
REITs have listed
in London than
anywhere else in
the world in 2017.
37 Fund IPOs
Europe’s largest IPO of the year chose to dual list
in London. Allied Irish Banks raised £3bn at IPO.
Source: Dealogic, London Stock Exchange data, January 2018
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Israeli PM Benjamin Netanyahu
visited London Stock Exchange to
emphasise the strong links between
Israel and LSEG.
Both Israel and LSEG expressed their
commitment to innovation, technology
and continuing business growth.
LSEG is supporting the thriving Israeli
business community by contributing to
financing its growth.
28 Israeli companies are already
listed in London ($14.7 billion) and 9
Israeli SMEs are part of our ELITE
programme.
LSEG and Israel A partnership to support future growth
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Source: Dealogic & LSE calculation, April 2018
We are proud to have 28 Israeli companies on our markets with listings of almost $17.5 billion. It underlines the exceptional
investor interest in building exposure to Israel’s dynamic economy.
Main Market AIM Total
No. of Companies 9 1 18 28
Total Market
Capitalization $12.4bn $0.1bn $5.0bn $17.5bn
Total money raised by Israeli companies since 2007 $6.2bn
The Israeli Listed Peer Group in London
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Transaction Details
Issue Date 18 Jan 2017
Issue Size €1.5 billion / €750 million
Coupon 1.5% / 2.375%
Maturity 10 years / 20 years
Country Profile
It is the first non-European sovereign to issue
a euro-denominated bond of 20 year tenor.
“Israel has limited funding needs and 20 years
is a tenor they don’t necessarily need, but it
allowed them to broaden and diversify into a
different and distinct pool of investors, such
as German insurers, pension funds and high
quality accounts from Europe.” Vi Davda,
Fixed Income Syndicate, Barclays.
“Investors love Israel. It is very stable and has
a good relationship with the rest of the world.
It is OECD, so gets the French bid and US
investors love them” Market appraisal.
Debt issuance story
This is the largest ever euro-denominated
bond issued by the country as well as being
its first euro deal in 3 years.
The issue was over 4.3 times
oversubscribed with the combined book for
the two tranches closing at €9.8 billion.
The 2027 notes were priced at 87bp over
mid-swaps, the cheapest financing the
country received since 2005, while the 2037
notes were priced at 125bp over mid-swaps.
Joint leads: Bank of America Merrill Lynch,
Barclays, and Citigroup.
Country Details
Company State of Israel
Rating A+/A+/A1
GDP USD 297 billion
Market Main Market
Geographical Distribution
10Y 20Y
UK 29% 28%
France 20% -
Germany 19% 48%
Rest of Europe 17% 9%
Switzerland 7% 4%
Israel 6% 6%
Asia - 4%
Other 2% 1%
Distribution by Investor Type
10Y 20Y
Fund Managers 51% 32%
Insurance / Pension funds 24% 53%
Banks / Private banks 17% 9%
Governments / Central Banks 7% 3%
Hedge Funds - 2%
Other 1% 1%
Israel opens 2017 international sovereign bond market with
oversubscribed deal
Israeli Sovereign Bond
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ELITE – 9 Israeli Companies
eToro Equity Investment Instruments, Financials eToro is a the world’s leading social trading network. A global market place for people to trade currencies, commodities, indices and CFD stocks online in a simple, transparent in a more enjoyable way.
Software & Computer Services, Technology Deskforce is a cloud communications company, marketing Omni Channel Communication API empowering businesses to add voice, messaging and social network to any App or CRM.
Leisure Goods, Consumer Goods Player Maker has developed proven pioneer technology that gives players real time biomechanical analysis and technique corrective feedback.
iCapital Financial Services, Financials iCapital develops process automation solutions and decision-making algorithms for the financial industry.
Showbox Media, Consumer Services Showbox is the world’s first cloud-based intuitive video creation and production platform, that guides creators, businesses, brands and publishers from idea to high quality video in a matter of minutes.
Tevva Mot Industrial Transportation, Industrials Established in London in 2012, Tevva Motors develops and produces electric range extended drivetrains for 7.5 tonne trucks, primarily for the back-to-base urban delivery market.
Financial Services, Financials BLender provides multi-continental, and cross-border, marketplace lending service in developing and emerging countries. Founded by a group of physicists and IT professionals with varying backgrounds.
Software & Computer Services, Technology geekApps is a company that has developed an interactive platform allowing companies to create and manage their own native apps without prior knowledge of computer programming, at an affordable price.
Massivit 3 Software & Computer Services, Technology Massivit 3D is a leading provider of large format 3D printing solutions. Their patented technology enables objects to be 3D printed at remarkable size, speed, versatility and ease.
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Amount raised: $100m Closing Date: 21st March 2018
Series E
FOLLOW ON INVESTORS
CORNERSTONE INVESTOR
140 Countries
$161m Total Capital
Raised
9m Users
2015 Joined ELITE
Company
ELITE Partner
Use of Proceeds: Company expansion – global offices; marketing budget; M&A in selected geographies; and R&D (including development in Blockchain) Valuation: $700 pre-money (2.7x 2017 revenues)
2x Large Family Offices
Etoro Case Study $100m equity raising through ELITE Club Deal
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© April 2018
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